應用金融工程深造文憑 (CEF) - 香港大學專業進修學院: Investment Management課程

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Accounting & Finance Investment Management

Postgraduate Diploma in Applied Financial Engineering

CEF Reimbursable Course (selected modules only)

CEF Reimbursable Course (selected modules only)

Course Code
Application Code

Study mode
Start Date
05 Oct 2021 (Tue)
Next intake(s)
1 year to 2 years
Course Fee
Module fee: $4300 (* course fees are subject to change without prior notice)
2 installment-:1st- five modules: $21500 and 2nd- six modules: $25800

Apply Now
Deadline on 29 Sep 2021 (Wed)
2867 8476
2861 0278
Accept new applicants for the programme starting with the Financial Risk Management and Optimization module in October 2021!

Who would benefit from Postgradudate Diploma in Applied Financial Engineering:
1) one who already has basic knowledge of financial products;
2) one who has strong mathematics/statistics background;
3) one who does NOT want the pure theoretical nature of a Master degree;
4) one who wants to learn theories and real-life applications in the same course.

Check out our tutors' bio below!
One of the STRONGEST teaching teams in Applied Financial Engineering.

Financial engineering requires the application of mathematical methods and information technology to analyze financial problems quantitatively. Financial engineers are responsible for creating structured financial products, building mathematical risk models as well as developing algorithmic trading system which facilitate effective investment decision making, managing financial and investment risk with quantitative modeling and computing technology. This programme is designed for those who plan to pave their career path as a financial engineer or quantitative analyst. The programme is taught by financial and investment practitioners, who are all senior professionals from investment banks or finance industry.

Graduates of this programme have satisfied the Institute of Financial Technologist of Asia (IFTA) requirements for qualification and will be admitted to the CFT programme for the exemption of Level 1.


Level 1

News about Applied Financial Engineering:

Are fintechs making an impact on treasury functions? by Euromoney

Strix Leviathan wants to build a better enterprise platform for crypto trading by TechCrunch

Wall Street's 'witches brew of hockey sticks and financial engineering' by Business Insider

A financial adviser explains 8 common biases that may be impacting your investment decisions by Business Insider

Here's why ad tech is incorporating financial trading technology by Business Insider

商智投顧 主攻機器人理財24小時不打烊《中時電子報》

提供個人化投資建議  《頭條日報》

創科小宇宙——AI工程師渴市 《頭條日報》

金融科技2.0 人才需具「ABCD」技能 《香港經濟日報》

醫療人工智能初創公司Infermedica發佈服務保險公司的新平臺 《華富財經》

The programme aims to train students to establish financial and trading systems in a logical and scientific way; to deliver the financial and economic knowledge to students and to equip them with financial quantitative analysis capability. It will enable students to manage actual trading operations proficiently and become professional investment traders. After completing the programme, students can enhance their ability to analyze financial and economic issues; to construct hedge fund trading strategies and to calculate the pricing of financial derivatives. Besides, students can set up risk management policies and deal with complex and volatile financial market environments based on the principles of financial engineering and the derivations of applied mathematics.

The programme is taught by practitioners of the finance industry, who are all senior professionals from investment banks or finance firms. They include:

  • Ms. Agnes Tse, CFA, is adept at analyzing the impacts of politics on global financial markets. With Master’s degrees in Business Administration and International Relations, her specializations are in monetary policies and currency markets, as well as geopolitics and energy markets. Currently the Head of Research of Action Forex, one of the top 10 global forex websites, Agnes previously worked as analyst for China Everbright Asset Management focusing on Greater China equity markets. She was later an advisor on the investment strategies of a mutual fund in Daiwa Asset Management. Agnes has been a guest speaker in universities in Hong Kong and Europe on topics of Hong Kong's political environment and the financial markets, and China's soft power.
  • Mr. Alan Cheung, PRM, CQF, has solid experience in fintech in top tier investment banks, versed in architecting low latency, high frequency algorithmic trading systems. He is currently a Quantitative Strategist on the Equities Desk in Bank of America Merrill Lynch. Alan has a Masters in Mathematical & Computational Finance from the University of Oxford after graduating with First Class Honours in Mathematics with Statistics for Finance from Imperial College London.
  • Mr. Sunny Leung, is the Director of Chian Everbright Assets Management.  He has more than 10 years of experience in securities trading, risk management, quantitative investment, and automated algorithm trading in Hong Kong's financial markets. Mr. Leung has worked in Daiwa Capital Markets and China Everbright Holdings, focusing on trading system design, quantitative investment, derivative arbitrage, risk management system, artificial intelligence related fields of research. Mr. Leung graduated from the State University of New York, Stony Brook, with a bachelor of computer science and completed his master of finance from the University of Hong Kong. 
  • Dr. Zenki Kwan, FRM, CAIA, CB, is the investment director of a listed company and a family office in Hong Kong, responsible for investment strategy and portfolio management across equities, fixed income, currency, funds and structured products. He has previously worked in J.P. Morgan, UBS, McKinsey and Samsung Securities. In addition to his doctoral degree, Dr. Kwan also holds Master of Finance and Master of Applied Business Research degrees, and completed executive education programs at Harvard Law School and Oxford University Saïd Business School, respectively.
  • Dr. Lai Man-Kit, CFA, is currently a professional trainer at Executive Training and Management Consultancy as well as a visiting scholar at HKUST.  Dr. Lai has extensive knowledge in teaching adult continuing education. He was also an Assistant Professor at City University from 1994-2000.
  • Mr. Ferrix Lau, ACS, ACIS, CFA, FRM, has over 10 years’ teaching experience in business, accounting and finance modules at tertiary level. He teaches Financial Analysis, Financial Risk Management, Quantitative Analysis, Financial Accounting, Cost and Management Accounting as well as Corporate Governance. Moreover, he is a co-author of a Statistics book, Quantitative Analysis for Professional Studies and Projects. Furthermore, he has strong interests in the areas of Statistical Analysis, Quantitative Finance and Machine Intelligence. Mr. Lau has earned a Bachelor's Degree in Social Science from The Chinese University of Hong Kong, major in Economics and minor in Computer Science. Besides, he holds a Master's Degree in Business Administration with Distinction from The University of Hong Kong, concentrating on the theme of Accounting Control and Financial Management.
  • Mr. Ken Liu, co-founder and CTO of Datatact Ltd, a startup focus on AI, Machine Learning and Big Data analytics. He is a hands on expert in his specialized area for over 10 years.  Prior to Datatact, Ken worked at Citi, HSBC, Goldman Sachs, Deutsche Bank and Credit Suisse as Algo-Trading developer. Ken earned a Master in Computer Science from USC and a Bachelor in Computer Science from University of Warwick.

On completion of the programme, students should be able to

  1. critically analyze the problems faced by the global financial markets and economic systems, in combination with the financial derivatives and hedging strategies to establish an appropriate investment strategy;
  2. systematically analyze the structure of derivatives and financial products; 
  3. apply financial models efficiently with various principles and theories in quantitative finance and financial engineering; 
  4. develop financial trading programmes in systematic and computerized methods and formulate trading tactics effectively with rational investment behaviours as well as proper risk management policies; 
  5. set up investment trading systems and portfolios applicable to the actual investment environments with the integration of analysis of financial information, investment tools and strategies, financial engineering models and investment disciplines.

Graduates of the Postgraduate Diploma in  Applied Financial Engineering may be able to articulate to Edinburgh Napier University’s Master of Science in International Banking and Finance with two exemptions for Financial Management and Financial Markets, Institutions and Banking. 

Application Code 1935-FN041A Apply Online Now
Apply Online Now

Days / Time
  • Tue, Fri, Sat, -

All modules are 18 hours face-to-face lectures. Assessments will all be take home assignements or projects, unless indicated below. Student pursuing this programme must successfully complete the following 11 modules.


Module 1 - Global Finance and Economics (Examination based)

  • Topics: Analysis of Global Economic Development, International Trade and International Relations, Financial Market System, Financial and Capital Market Policy, Financial Development and Market Operations

Module 2 - Statistical and Quantitative Methods in Finance

  • Topics: Modern Finance and Mathematical Methods, Application in Statistics, Tools of Quantitative Finance

Module 3 - Derivatives and Investment Strategy (Examination based)

  • Topics: Development and operation of the financial derivatives market, Types of financial derivatives, Hedge fund operations, Investment strategy application analysis

Module 4 - Financial Time Series Analysis

  • Topics: Two variables and multivariate linear regression analysis, The linearity of Non Linear Model, Simultaneous Equation Models, Time-Series Models

Module 5 - Mathematical Modeling in Finance

  • Topics: Introduction to Financial Engineering and Development Motivation, Development of Financial Engineering and Theories in Finance, Financial Derivatives Pricing Model, Other underlying asset options and exotic options

Module 6 - Fixed Income Securities and Interest Rate Models Analysis

  • Topics: Bond Interest Rate Risk Analysis, Fixed Income Securities Pricing, Pricing of Mortgage -Backed Bonds and Asset-Backed Bonds and Mortgage Pass Through Securities, Fixed-Income Securities Trading Strategies, Common Interest Rate Models, Application of Interest Rate Models

Module 7 - Techniques and Software in Applied Financial Engineering

  • Topics:  Monte Carlo, Random Number and Random Variable Generation, Sample Path Construction, The Variance Reduction Techniques, Matlab, Practical Application and Case Studies

Module 8 - Financial Risk Management and Optimization

  • Topics: Financial Engineering Applications Overview, Interest Rate Risk, Market Risk, Credit Risk, Portfolio Optimization

Module 9 - Logics and Operations of Algorithmic Trading

  • Topics: Introduction to Algorithmic Trading, Operation of Algorithmic Trading, Programme Trading Operations, Risk Control and Financial Management Systems

Module 10 - Behavioural Finance (Examination Based)

  • Topics: The Efficient Market Hypothesis and the Challenges, Expected Utility Theory and Its Challenges, Investor’s Cognition , Emotion And Behavioural Bias, Behaviour Investment Strategy


Class Schedule (2021 March Intake)

Class Schedule (2020 August Intake)

Remark: Tentative timetable is subject to change and module commencement is subject to sufficient enrollment numbers.


Applicant shall:


i)          hold a bachelor’s degree awarded by a recognized institution, with 3 years’ relevant work experience; OR

ii)         possess a recognized qualification in financial industry such as CFA, FRM, etc. with 3 years’ relevant work experience;


B)  provide evidence of English proficiency (if the degree or equivalent qualification is from an institution where the language of teaching and assessment is not English) such as:

i)          an overall band of 6.0 or above with no subtests lower than 5.5 in the IELTS; or

ii)         a score of 550 or above in the paper-based TOEFL, or a score of 213 or above in the computer-based TOEFL, or a score of 80 or above in the internet-based TOEFL; or

iii)        HKALE Use of English at Grade E or above; or

iv)        HKDSE Examination English Language at Level 3 or above; or

v)         equivalent qualifications.

Applicants with other professional qualifications and relevant work experience will be considered on individual merit.

Application Fee

HK$150 (Non-refundable)

Course Fee
  • Module fee: $4300 (* course fees are subject to change without prior notice)
    2 installment-:1st- five modules: $21500 and 2nd- six modules: $25800

  • The CEF Institution Code of HKU SPACE is 100
CEF Courses
Global Finance and Economics & Statistical and Quantitative Methods in Finance (Modules from Postgraduate Diploma in Applied Financial Engineering)
COURSE CODE 23Z10212-0 FEES $8,600 ENQUIRY 2867-8476
Techniques and Software in Applied Financial Engineering & Fixed Income Securities and Interest Rate Models Analysis (Modules from Postgraduate Diploma in Applied Financial Engineering)
COURSE CODE 23Z10213-9 FEES $8,600 ENQUIRY 2867-8476
Financial Time Series Analysis & Behavioural Finance (Modules from Postgraduate Diploma in Applied Financial Engineering)
COURSE CODE 23Z10214-7 FEES $8,600 ENQUIRY 2867-8476
Mathematical Modeling in Finance & Logics and Operations of Algorithmic Trading (Modules from Postgraduate Diploma in Applied Financial Engineering)
COURSE CODE 23Z10215-5 FEES $8,600 ENQUIRY 2867-8476
Derivatives and Investment Strategy & Financial Risk Management and Optimization (Modules from Postgraduate Diploma in Applied Financial Engineering)
COURSE CODE 23Z10216-3 FEES $8,600 ENQUIRY 2867-8476
Continuing Education Fund Reimbursable Course Continuing Education Fund Reimbursable Course (selected modules only)
Some modules of this course have been included in the list of reimbursable courses under the Continuing Education Fund.

Postgraduate Diploma in Applied Financial Engineering

  • This course is recognised under the Qualifications Framework (QF Level [6])

Online Application Apply Now

Application Form Application Form

Enrolment Method
Payment Method
1. Cash, EPS, WeChat Pay Or Alipay

Course fees can be paid by cash, EPS, WeChat Pay or Alipay at any HKU SPACE Enrolment Centres.

2. Cheque Or Bank draft

Course fees can also be paid by crossed cheque or bank draft made payable to “HKU SPACE”. Please specify the programme title(s) for application and the applicant’s name.. You may either:

  • bring the completed form(s), together with the appropriate course or application fees in the form of a cheque, and any required supporting documents to any of the HKU SPACE enrolment centres;
  • or mail the above documents to any of the HKU SPACE Enrolment Centres, specifying  “Course Application” on the envelope.  HKU SPACE will not be responsible for any loss of payment sent by mail.
3. VISA/Mastercard

Applicants may also pay the course fee by VISA or Mastercard, including the “HKU SPACE Mastercard”, at any HKU SPACE enrolment centres. Holders of the HKU SPACE Mastercard can enjoy a 10-month interest-free instalment period for courses with a tuition fee worth a minimum of HK$2,000; however, the course applicant must also be the cardholder himself/herself. For enquiries, please contact our staff at any enrolment centres.

4. Online Payment

Online application / enrolment is offered for most open admission courses (course enrolled on first come, first served basis) and selected award-bearing programmes. Application fees and course fees of these programmes/courses can be settled by using "PPS by Internet" (not available via mobile phones), VISA or Mastercard. In addition to the aforesaid online payment channels, continuing students of award-bearing programmes, if their programmes offer online service, may also pay their course fees by Online WeChat Pay, Online Alipay and Faster Payment System (FPS). Please refer to Enrolment Methods - Online Enrolment  for details.


  • If the programme/course is starting within five working days, application by post is not recommended to avoid any delays. Applicants are advised to enrol in person at HKU SPACE Enrolement Centres and avoid making cheque payment under this circustance.
  • Fees paid are not refundable except under very exceptional circumstances (e.g. course cancellation due to insufficient enrolment), subject to the School’s discretion. In exceptional cases where a refund is approved, fees paid by cash, EPS, WeChat Pay, Alipay, cheque or PPS (for online payment only) will normally be reimbursed by a cheque, and fees paid by credit card will normally be reimbursed to the payment cardholder's credit card account.
  • In addition to the published fees, there may be additional costs associated with individual programmes. Please refer to the relevant course brochures or direct any enquiries to the relevant programme team for details.
  • Fees and places on courses cannot be transferrable from one applicant to another. Once accepted onto a course, the student may not change to another course without approval from HKU SPACE. A processing fee of HK$120 will be levied on each approved transfer.
  • Receipts will be issued for fees paid but HKU SPACE will not be repsonsible for any loss of receipt sent by mail.
  • For payment certification, please submit a completed form, a sufficiently stamped and self-addressed envelope, and a crossed cheque for HK$30 per copy made payable to "HKU SPACE" to any of our enrolment centres.